Exhibit 10.3



 Exhibit 10.3 
 EXECUTION VERSION 
  
  
  
 SECURITY AGREEMENT 
 By 
 AOL INC., 
 as Borrower 
 and 
 THE SUBSIDIARY GUARANTORS PARTY HERETO 
 and 
 BANK OF AMERICA, N.A., 
 as Collateral Agent 
  
  
 Dated as of December 9, 2009 
  
  
  







 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 PREAMBLE
	  	
	 RECITALS
	  	1
	 AGREEMENT
	  	1
	
	ARTICLE I
	
	DEFINITIONS AND INTERPRETATION
			
	 SECTION 1.1.
	  	 DEFINITIONS
	  	2
	 SECTION 1.2.
	  	 INTERPRETATION
	  	7
	 SECTION 1.3.
	  	 RESOLUTION OF DRAFTING AMBIGUITIES
	  	7
	 SECTION 1.4.
	  	 PERFECTION CERTIFICATE
	  	8
	
	ARTICLE II
	
	GRANT OF SECURITY AND SECURED OBLIGATIONS
			
	 SECTION 2.1.
	  	 GRANT OF SECURITY INTEREST
	  	8
	 SECTION 2.2.
	  	 FILINGS
	  	9
	
	ARTICLE III
	
	 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;
 USE OF PLEDGED COLLATERAL

			
	 SECTION 3.1.
	  	 DELIVERY OF CERTIFICATED SECURITIES COLLATERAL
	  	9
	 SECTION 3.2.
	  	 FINANCING STATEMENTS AND OTHER FILINGS; MAINTENANCE OF PERFECTED SECURITY INTEREST
	  	10
	 SECTION 3.3.
	  	 OTHER ACTIONS
	  	10
	 SECTION 3.4.
	  	 JOINDER OF ADDITIONAL SUBSIDIARY GUARANTORS
	  	11
	 SECTION 3.5.
	  	 SUPPLEMENTS; FURTHER ASSURANCES
	  	11
	
	ARTICLE IV
	
	REPRESENTATIONS, WARRANTIES AND COVENANTS
			
	 SECTION 4.1.
	  	 TITLE
	  	12
	 SECTION 4.2.
	  	 VALIDITY OF SECURITY INTEREST
	  	12
	 SECTION 4.3.
	  	 DEFENSE OF CLAIMS
	  	13
	 SECTION 4.4.
	  	 OTHER FINANCING STATEMENTS
	  	13
	 SECTION 4.5.
	  	 DUE AUTHORIZATION AND ISSUANCE
	  	13

  

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	 	  	 	  	Page
	 SECTION 4.6.
	  	 CONSENTS, ETC.
	  	13
	 SECTION 4.7.
	  	 INSURANCE
	  	13
	 SECTION 4.8.
	  	 LEGAL NAME; ORGANIZATIONAL STRUCTURE, ETC.
	  	14
	
	ARTICLE V
	
	CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL
			
	 SECTION 5.1.
	  	 PLEDGE OF ADDITIONAL SECURITIES COLLATERAL
	  	14
	 SECTION 5.2.
	  	 VOTING RIGHTS; DISTRIBUTIONS; ETC.
	  	14
	 SECTION 5.3.
	  	 DEFAULTS, ETC.
	  	15
	 SECTION 5.4.
	  	 CERTAIN AGREEMENTS OF PLEDGORS AS ISSUERS AND HOLDERS OF EQUITY INTERESTS
	  	16
	
	ARTICLE VI
	
	CERTAIN PROVISIONS CONCERNING INTELLECTUAL PROPERTY COLLATERAL
			
	 SECTION 6.1.
	  	 GRANT OF INTELLECTUAL PROPERTY LICENSE
	  	16
	 SECTION 6.2.
	  	 PROTECTION OF COLLATERAL AGENT’S SECURITY
	  	16
	 SECTION 6.3.
	  	 AFTER-ACQUIRED PROPERTY
	  	17
	 SECTION 6.4.
	  	 LITIGATION
	  	17
	
	ARTICLE VII
			
	 SECTION 7.1.
	  	 MODIFICATION OF TERMS, ETC.
	  	18
	
	ARTICLE VIII
	
	TRANSFERS
			
	 SECTION 8.1.
	  	 TRANSFERS OF PLEDGED COLLATERAL
	  	18
	
	ARTICLE IX
	
	REMEDIES
			
	 SECTION 9.1.
	  	 REMEDIES
	  	19
	 SECTION 9.2.
	  	 NOTICE OF SALE
	  	21
	 SECTION 9.3.
	  	 WAIVER OF NOTICE AND CLAIMS
	  	21
	 SECTION 9.4.
	  	 CERTAIN SALES OF PLEDGED COLLATERAL
	  	21
	 SECTION 9.5.
	  	 NO WAIVER; CUMULATIVE REMEDIES
	  	23
	 SECTION 9.6.
	  	 CERTAIN ADDITIONAL ACTIONS REGARDING INTELLECTUAL PROPERTY
	  	23

  

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	 	  	 	  	Page
	ARTICLE X
	
	APPLICATION OF PROCEEDS
			
	 SECTION 10.1.
	  	 APPLICATION OF PROCEEDS
	  	24
	
	ARTICLE XI
	
	MISCELLANEOUS
			
	 SECTION 11.1.
	  	 CONCERNING COLLATERAL AGENT
	  	24
	 SECTION 11.2.
	  	 COLLATERAL AGENT MAY PERFORM; COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT
	  	25
	 SECTION 11.3.
	  	 CONTINUING SECURITY INTEREST; ASSIGNMENT
	  	26
	 SECTION 11.4.
	  	 TERMINATION; RELEASE
	  	26
	 SECTION 11.5.
	  	 MODIFICATION IN WRITING
	  	27
	 SECTION 11.6.
	  	 NOTICES
	  	27
	 SECTION 11.7.
	  	 GOVERNING LAW, CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL
	  	27
	 SECTION 11.8.
	  	 SEVERABILITY OF PROVISIONS
	  	28
	 SECTION 11.9.
	  	 EXECUTION IN COUNTERPARTS
	  	28
	 SECTION 11.10.
	  	 BUSINESS DAYS
	  	28
	 SECTION 11.11.
	  	 NO CREDIT FOR PAYMENT OF TAXES OR IMPOSITION
	  	28
	 SECTION 11.12.
	  	 NO CLAIMS AGAINST COLLATERAL AGENT
	  	28
	 SECTION 11.13.
	  	 NO RELEASE
	  	28
	 SECTION 11.14.
	  	 OBLIGATIONS ABSOLUTE
	  	29
			
	 SIGNATURES
	  		  	

  

			
	EXHIBIT 1	  	Form of Joinder Agreement
	EXHIBIT 2	  	Form of Patent Security Agreement
	EXHIBIT 3	  	Form of Trademark Security Agreement

  

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 SECURITY AGREEMENT 
 This SECURITY AGREEMENT dated as of December 9, 2009 (as amended, amended and restated, supplemented or otherwise modified from time to
time in accordance with the provisions hereof, this “Agreement”) made by AOL INC., a Delaware corporation (the “Borrower”), and the Subsidiaries of the Borrower from to time to time party hereto (the
“Subsidiary Guarantors”), as pledgors, assignors and debtors (the Borrower, together with the Subsidiary Guarantors, in such capacities and together with any successors in such capacities, the “Pledgors,” and each,
a “Pledgor”), in favor of BANK OF AMERICA, N.A., in its capacity as collateral agent pursuant to the Credit Agreement (as hereinafter defined), as pledgee, assignee and secured party (in such capacities and together with any
successors in such capacities, the “Collateral Agent”). 
 R E C I T A
L S: 
 A. The Borrower, the Collateral Agent and the lending institutions listed therein have, in connection with
the execution and delivery of this Agreement, entered into that certain credit agreement, dated as of December 9, 2009 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”; which term shall also include and refer to any increase in the amount of indebtedness under the Credit Agreement and any refinancing of the Credit Agreement. 
 B. Each Subsidiary Guarantor has, pursuant to the Guaranties, unconditionally guaranteed the Secured Obligations (as hereinafter defined).

 C. The Borrower and each Subsidiary Guarantor will receive substantial benefits from the execution, delivery and performance
of the obligations under the Credit Agreement and the other Loan Documents (as hereinafter defined) and each is, therefore, willing to enter into this Agreement. 
 D. This Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties (as hereinafter defined) to secure the payment and performance of all of the Secured
Obligations. 
 F. It is a condition to (i) the obligations of the Lenders to make the Loans under the Credit Agreement and
(ii) the obligations of the L/C Issuer to issue Letters of Credit that each Pledgor execute and deliver the applicable Loan Documents, including this Agreement. 
 A G R E E M E N T: 
 NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Pledgor and the Collateral Agent hereby agree as follows: 









 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 
 SECTION 1.1. Definitions. 
 (a) Unless otherwise defined herein or in the Credit Agreement, capitalized terms used herein that are defined in the UCC shall have the
meanings assigned to them in the UCC; provided that in any event, the following terms shall have the meanings assigned to them in the UCC: 
 “Accounts”; “Bank”; “Chattel Paper”; “Commercial Tort Claim”; “Documents”; “Electronic Chattel Paper”;
“Entitlement Order”; “Equipment”; “Financial Asset”; “Fixtures”; “General Intangibles”; “Goods”; “Inventory”;
“Letter-of-Credit Rights”; “Letters of Credit”; “Money”; “Payment Intangibles”; “Proceeds”; ‘Investment Property”; “ Records”;
“Supporting Obligations”; and “Tangible Chattel Paper.” 
 (b) Terms used but not otherwise
defined herein that are defined in the Credit Agreement shall have the meanings given to them in the Credit Agreement. Section 1.02 of the Credit Agreement shall apply herein mutatis mutandis. 
 (c) The following terms shall have the following meanings: 
 “Account Debtor” shall mean each person who is obligated on a Receivable or Supporting Obligation related thereto. 
 “Agreement” shall have the meaning assigned to such term in the Preamble hereof. 
 “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect,
or any successor statute. 
 “Borrower” shall have the meaning assigned to such term in the Preamble hereof.

 “Collateral Agent” shall have the meaning assigned to such term in the Preamble hereof. 
 “Collateral Support” shall mean all property assigned, hypothecated or otherwise securing any Pledged Collateral and shall
include any security agreement or other agreement granting a lien or security interest in such personal property. 
 “Contracts” shall mean, collectively, with respect to each Pledgor, all sale, service, performance, equipment or property lease contracts, agreements and grants and all other contracts, agreements or grants (in each case,
whether written or oral, or third party or intercom-

  

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pany), between such Pledgor and any third party, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof. 
 “Copyrights” shall mean, collectively, with respect to each Pledgor, all copyrights (whether statutory or common law,
whether established or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished) and all copyright registrations and applications made by such
Pledgor, in each case, whether now owned or hereafter created or acquired by or assigned to such Pledgor, together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of such
copyrights, (ii) reissues, renewals, continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including damages and
payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof. 
 “Credit Agreement” shall have the meaning assigned to such term in Recital A hereof. 
 “Distributions” shall mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights,
instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged
Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or Intercompany Notes. 
 “Excluded Property” shall mean 
 (a) any permit or license issued by a Governmental Authority to any Pledgor or any Contract, license, permit, lease,
agreement, instruments or other document or shareholder or similar agreement to which any Pledgor is a party, in each case, only to the extent and for so long as the terms of such permit, license or agreement or any requirement of Law applicable
thereto, validly prohibit the creation by such Pledgor of a security interest in such permit, license or agreement in favor of the Collateral Agent (after giving effect to Sections 9-406(d), 9-407(a), 9-408(a) or 9-409 of the UCC (or any
successor provision or provisions) or any other applicable law (including the Bankruptcy Code) or principles of equity) or constitutes a breach or default under or results in the termination or requires any consent not obtained under such Contract,
license, agreement, instrument or other document or shareholder or similar agreement; 
 (b) assets owned by any
Pledgor on the date hereof or hereafter acquired and any proceeds thereof that are subject to a Lien permitted to be incurred pursuant to Section 7.01(i) of the Credit Agreement to the extent and for so long as the contract or other agreement
in which such Lien is granted (or the documentation providing for the obligation secured by such lien) validly prohibits the creation of any other Lien on such assets and proceeds; 
  

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 (c) any property of a person existing at the time such person is acquired or
merged with or into or consolidated with any Pledgor that is subject to a Lien permitted by Section 7.01(j) or (k) of the Credit Agreement to the extent and for so long as the contract or other agreement in which such Lien is granted
validly prohibits the creation of any other Lien on such property; 
 (d) the voting Equity Interests issued by a
Foreign Subsidiary representing more than 65% of the outstanding voting stock of such Foreign Subsidiary 
 (e)
any intent-to-use trademark application to the extent and for so long as creation by a Pledgor of a security interest therein would result in the loss by such Pledgor of any material rights therein; 
 (f) any letter of credit to the extent any Pledgor is required by applicable law to apply the proceeds of a drawing of such
letter of credit for a specified purpose; 
 (g) motor vehicles and other assets subject to certificates of
title; and 
 (h) any other property, to the extent the Collateral Agent reasonably determines that the cost of
obtaining such security interest outweighs the benefits thereof; 
 provided, however, that Excluded Property shall not include
any Proceeds, substitutions or replacements of any Excluded Property referred to in clause (a), (b), (c), (d), (e), (f), (g), or (h) (unless such Proceeds, substitutions or replacements would constitute Excluded Property referred to in clauses
(a), (b), (c), (d), (e), (f), (g) or (h). 
 “Foreign Subsidiary” shall mean any Subsidiary that is not a
Domestic Subsidiary. 
 “Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill
connected with such Pledgor’s business including all goodwill connected with (i) the use of and symbolized by any Trademark or Intellectual Property License with respect to any Trademark in which such Pledgor has any interest,
(ii) all know-how, trade secrets, customer and supplier lists, proprietary information, inventions, methods, procedures, formulae, descriptions, compositions, technical data, drawings, specifications, name plates, catalogs, confidential
information and the right to limit the use or disclosure thereof by any person, pricing and cost information, business and marketing plans and proposals, consulting agreements, engineering contracts and such other assets which relate to such
goodwill and (iii) all product lines of such Pledgor’s business. 
 “Instruments” shall mean,
collectively, with respect to each Pledgor, all “instruments,” as such term is defined in Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 

“Intellectual Property Collateral” shall mean, collectively, the Patents, Trademarks, Copyrights, Intellectual Property
Licenses and Goodwill. 
  

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 “Intellectual Property Licenses” shall mean, collectively, with respect to
each Pledgor, all license agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Pledgor is a licensor or licensee under any such
license agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder and with respect
thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or violations thereof and (iv) other rights to use, exploit or practice
any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. 
 “Intercompany
Notes” shall mean, with respect to each Pledgor, all intercompany notes described in Schedule 9 to the Perfection Certificate and intercompany notes hereafter acquired by such Pledgor and all certificates, instruments or
agreements evidencing such intercompany notes, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof to the extent permitted pursuant to the terms hereof. 
 “Joinder Agreement” shall mean an agreement substantially in the form of Exhibit 1 hereto. 
 “Material Domestic Subsidiary” means a Material Subsidiary that is a Domestic Subsidiary. 
 “Material Intellectual Property Collateral” shall mean any Intellectual Property Collateral that is material (i) to
the use and operation of the Pledged Collateral or (ii) to the business, results of operations, prospects or condition, financial or otherwise, of any Pledgor. 
 “Patents” shall mean, collectively, with respect to each Pledgor, all patents issued or assigned to, and all patent applications and registrations made by, such Pledgor (whether
established or registered or recorded in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of
any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties,
damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements thereof, (v) rights corresponding thereto throughout the world and
(vi) rights to sue for past, present or future infringements thereof. 
 “Patent Security Agreement” shall
mean an agreement substantially in the form of Exhibit 2 hereto. 
 “Perfection Certificate” shall mean
that certain perfection certificate dated December 9, 2009, executed and delivered by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties, and each other Perfection Certificate (which shall be in form and

  

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substance reasonably acceptable to the Collateral Agent) executed and delivered by the applicable Subsidiary Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties
contemporaneously with the execution and delivery of each Joinder Agreement executed in accordance with Section 3.4 hereof, in each case, as the same may be amended, amended and restated, supplemented or otherwise modified from time to
time in accordance with the Credit Agreement. 
 “Permitted Liens” means Liens permitted under
Section 7.01 of the Credit Agreement. 
 “Pledged Collateral” shall have the meaning assigned to such term
in Section 2.1 hereof. 
 “Pledged Securities” shall mean, collectively, with respect to each
Pledgor, (i) the Equity Interests of each issuer set forth on Schedules 8(a) and 8(b) to the Perfection Certificate as being owned by such Pledgor and all options, warrants, rights, agreements and additional Equity Interests of
whatever class of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests in each such issuer or under any Organization Document
of each such issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests,
(ii) all Equity Interests of any issuer, which Equity Interests are hereafter acquired by such Pledgor (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer
acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or under any Organization Document of any such issuer, and the certificates, instruments
and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by such Pledgor in any manner, and
(iii) all Equity Interests issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such Equity Interests; provided, however, in each case, that in no
event shall more than 65% of the outstanding voting stock of a Foreign Subsidiary held by such Pledgor be required to be pledged hereunder. 
 “Pledgor” shall have the meaning assigned to such term in the Preamble hereof. 
 “Receivables” shall mean all (i) Accounts, (ii) Chattel Paper, (iii) Payment Intangibles, (iv) General Intangibles, (v) Instruments and (vi) all other rights
to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services rendered or to be rendered, regardless of how classified under the UCC together with all of
Pledgors’ rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and all Records relating thereto. 
  

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 “Secured Parties” shall mean, collectively, the Administrative Agent, the
Collateral Agent, the Lenders and each counterparty to a Secured Hedge Agreement or a Secured Cash Management Agreement provided that, if such Person is not a Lender, such person executes and delivers to the Administrative Agent a letter agreement
in form and substance acceptable to the Administrative Agent pursuant to which such person (i) appoints the Collateral Agent as its agent under the applicable Loan Documents and (ii) agrees to be bound by the provisions of Sections 2.14,
9.03, 10.04 and 10.14 of the Credit Agreement as if it were a Lender. 
 “Securities Collateral” shall mean,
collectively, the Pledged Securities, the Intercompany Notes and the Distributions. 
 “Subsidiary Guarantors”
shall have the meaning assigned to such term in the Preamble hereof. 
 “Trademarks” shall mean, collectively,
with respect to each Pledgor, all trademarks (including service marks), slogans, logos, certification marks, trade dress, uniform resource locations (URL’s), domain names, corporate names and trade names, whether registered or unregistered,
owned by or assigned to such Pledgor and all registrations and applications for the foregoing (whether statutory or common law and whether established or registered in the United States or any other country or any political subdivision thereof),
together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments thereto,
(iii) income, fees, royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for past, present or future infringements thereof, (iv) rights
corresponding thereto throughout the world and (v) rights to sue for past, present and future infringements thereof. 
 “Trademark Security Agreement” shall mean an agreement substantially in the form of Exhibit 3 hereto. 
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the
perfection or priority of the Collateral Agent’s and the Secured Parties’ security interest in any item or portion of the Pledged Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of
New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating
to such provisions. 
 SECTION 1.2. Interpretation. The rules of interpretation specified in the Credit Agreement
(including Section 1.02 thereof) shall be applicable to this Agreement. 
 SECTION 1.3. Resolution of Drafting
Ambiguities. Each Pledgor acknowledges and agrees that it was represented by counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation

  

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hereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the Collateral Agent) shall not be employed in the
interpretation hereof. 
 SECTION 1.4. Perfection Certificate. The Collateral Agent and each Secured Party agree that the
Perfection Certificate and all descriptions of Pledged Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part of this Agreement. 
 ARTICLE II 
 GRANT OF SECURITY AND SECURED OBLIGATIONS

 SECTION 2.1. Grant of Security Interest. As collateral security for the payment and performance in full of all the
Secured Obligations, each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties, a lien on and security interest in all of the right, title and interest of such Pledgor in, to and under the following
property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”): 
  

	 	(i)	all Accounts; 

  

	 	(ii)	all Equipment, Goods, Inventory and Fixtures; 

  

	 	(iii)	all Documents, Instruments and Chattel Paper; 

  

	 	(iv)	all Letters of Credit and Letter-of-Credit Rights; 

  

	 	(v)	all Investment Property; 

  

	 	(vi)	all Intellectual Property Collateral; 

  

	 	(vii)	the Commercial Tort Claims described on Schedule 11 to the Perfection Certificate; 

  

	 	(viii)	all General Intangibles; 

  

	 	(ix)	all Supporting Obligations; 

  

	 	(x)	all books and records relating to the Pledged Collateral; and 

  

	 	(xi)	all Proceeds and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing,
any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to such Pledgor from time to time with respect to any of the foregoing. 

  

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 Notwithstanding anything to the contrary contained in clauses (i) through
(xi) above, the security interest created by this Agreement shall not extend to, and the term “Pledged Collateral” shall not include, any Excluded Property. 
 SECTION 2.2. Filings. (a) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to
file in any relevant jurisdiction any financing statements (including fixture filings) and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any
financing statement or amendment relating to the Pledged Collateral, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor, and (ii) any
financing or continuation statements or other documents without the signature of such Pledgor where permitted by law, including the filing of a financing statement describing the Pledged Collateral as “all assets now owned or hereafter acquired
by the Pledgor” or words of similar effect. Each Pledgor agrees to provide all information described in the immediately preceding sentence to the Collateral Agent promptly upon request by the Collateral Agent. 
 (b) Each Pledgor hereby ratifies its authorization for the Collateral Agent to file in any relevant jurisdiction any financing statements
relating to the Pledged Collateral if filed prior to the date hereof. 
 (c) Each Pledgor hereby further authorizes the
Collateral Agent to file filings with the United States Patent and Trademark Office (or any successor office or any similar office in any other country), including this Agreement, the Patent Security Agreement and the Trademark Security Agreement,
or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted by such Pledgor hereunder, and naming such Pledgor, as debtor, and the Collateral Agent, as secured party. 
 ARTICLE III 
 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; 
 USE OF PLEDGED COLLATERAL 
 SECTION 3.1. Delivery of Certificated Securities Collateral. Each Pledgor represents and warrants that all certificates or
instruments representing or evidencing the Securities Collateral issued by each Material Domestic Subsidiary in existence on the date hereof have been delivered to the Collateral Agent in suitable form for transfer by delivery or accompanied by duly
executed instruments of transfer or assignment in blank and that the Collateral Agent has a perfected first priority (subject to Permitted Liens) security interest therein (but, for the avoidance of doubt, excluding any uncertified securities). Each
Pledgor hereby agrees that all certificates or instruments representing or evidencing Securities Collateral issued by each Material Domestic Subsidiary acquired by such Pledgor after the date hereof shall promptly (but in any event within thirty
days after receipt thereof by such Pledgor) be delivered to and held by or on

  

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behalf of the Collateral Agent pursuant hereto (but, for the avoidance of doubt, excluding any uncertificated securities for so long as such securities remain uncertificated). All certificated
Securities Collateral shall be in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Collateral Agent. The Collateral Agent
shall have the right, at any time upon the occurrence and during the continuance of any Event of Default, to endorse, assign or otherwise transfer to or to register in the name of the Collateral Agent or any of its nominees or endorse for
negotiation any or all of the Securities Collateral, without any indication that such Securities Collateral is subject to the security interest hereunder. In addition, upon the occurrence and during the continuance of an Event of Default, the
Collateral Agent shall have the right at any time to exchange certificates representing or evidencing Securities Collateral for certificates of smaller or larger denominations. 
 SECTION 3.2. Financing Statements and Other Filings; Maintenance of Perfected Security Interest. Each Pledgor represents and warrants
that all financing statements, agreements, instruments and other documents necessary to perfect the security interest granted by it to the Collateral Agent in respect of the Pledged Collateral are to be filed in each governmental, municipal or other
office specified in Schedule 6 to the Perfection Certificate. Each Pledgor agrees that at the sole cost and expense of the Pledgors, such Pledgor will maintain the security interest created by this Agreement in the Pledged Collateral as a
perfected first priority (subject to Permitted Liens) security interest subject only to Permitted Liens. 
 SECTION 3.3.
Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Collateral Agent’s security interest in the Pledged Collateral, each Pledgor represents and
warrants (as to itself) as follows and agrees, in each case at such Pledgor’s own expense, to take the following actions with respect to the following Pledged Collateral: 
 (a) Instruments and Tangible Chattel Paper. As of the date hereof, no amounts payable under or in connection with any
of the Pledged Collateral are evidenced by any Instrument or Tangible Chattel Paper other than such Instruments and Tangible Chattel Paper listed in Schedule 9 to the Perfection Certificate. Each Instrument and each item of Tangible
Chattel Paper listed in Schedule 9 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Collateral Agent, accompanied by instruments of transfer or assignment duly executed in blank. If any amount then
payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel Paper (i) in excess of $1,000,000 or (ii) in an amount that, together with all amounts payable evidenced by any
Instrument or Tangible Chattel Paper not previously delivered to the Collateral Agent exceeds $5,000,000 in the aggregate for all Pledgors, the Pledgor acquiring such Instrument or Tangible Chattel Paper shall promptly (but in any event within
thirty days after receipt thereof) endorse, assign and deliver the same to the Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time specify. 
  

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 (b) Commercial Tort Claims. As of the date hereof, each Pledgor
hereby represents and warrants that it holds no Commercial Tort Claims other than those listed in Schedule 11 to the Perfection Certificate. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim (i) in excess of
$1,000,000 or (ii) in an amount that, together with all other Commercial Tort Claims in which the Collateral Agent has not previously been granted a security interest exceeds $5,000,000 in the aggregate for all Pledgors, such Pledgor shall
immediately notify the Collateral Agent in writing signed by such Pledgor of the brief details thereof and grant to the Collateral Agent in such writing a security interest therein and in the Proceeds thereof, all upon the terms of this Agreement,
with such writing to be in form and substance reasonably satisfactory to the Collateral Agent. 
 SECTION 3.4. Joinder of
Additional Subsidiary Guarantors. The Pledgors shall cause each wholly-owned Domestic Subsidiary of the Borrower constituting a Material Subsidiary which, from time to time, after the date hereof shall be required to pledge any assets to the
Collateral Agent for the benefit of the Secured Parties pursuant to the provisions of the Credit Agreement, (a) to execute and deliver to the Collateral Agent (i) a Joinder Agreement substantially in the form of Exhibit 1 hereto and
(ii) a Perfection Certificate, in each case, within twenty-five (25) days of the date on which it was acquired or created and, upon such execution and delivery, such Subsidiary shall constitute a “Subsidiary Guarantor” and a
“Pledgor” for all purposes hereunder with the same force and effect as if originally named as a Subsidiary Guarantor and Pledgor herein. The execution and delivery of such Joinder Agreement shall not require the consent of any Pledgor
hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Subsidiary Guarantor and Pledgor as a party to this Agreement. 
 SECTION 3.5. Supplements; Further Assurances. Each Pledgor shall take such further actions, and execute and/or deliver to the
Collateral Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as the Collateral Agent may in its reasonable judgment deem necessary or appropriate in order to create and perfect the
security interest in the Pledged Collateral (excluding any filings at the U.S. Copyright Office) as provided herein and the rights and interests granted to the Collateral Agent hereunder, to carry into effect the purposes hereof, including the
filing of financing statements, continuation statements and other documents (including this Agreement) under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby, all
in form reasonably satisfactory to the Collateral Agent and in such offices (including the United States Patent and Trademark Office) wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the
security interest in the Pledged Collateral (excluding any filings with the U.S. Copyright Office) as provided herein and to preserve the other rights and interests granted to the Collateral Agent hereunder, as against third parties, with respect to
the Pledged Collateral. Notwithstanding anything to the contrary contained herein, absent the occurrence and continuation of an Event of Default, no Pledgor shall be required to perfect the security interest granted herein by any means other than
(i) filing of financing statements pursuant to the UCC filings of any applicable jurisdiction in the United States Patent and Trademark Office, (ii) delivery to the Collateral Agent to be held in its posses-

  

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sion of Collateral consisting of tangible Chattel Paper and Instruments (x) in excess of $1,000,000 and (y) in any amount that, together with all amounts payable evidenced by any
Instrument or Tangible Chattel Paper not previously delivered to the Collateral Agent exceeds $5,000,000 in the aggregate for all Pledgors, and (iii) delivery of certificates or instruments representing the Securities Collateral of a Material
Domestic Subsidiary. If an Event of Default has occurred and is continuing, the Collateral Agent may institute and maintain, in its own name or in the name of any Pledgor, such suits and proceedings as the Collateral Agent may be advised by counsel
shall be necessary or expedient to prevent any impairment of the security interest in or the perfection thereof in the Pledged Collateral. All of the foregoing shall be at the sole cost and expense of the Pledgors. 
 ARTICLE IV 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Each Pledgor represents, warrants and covenants as follows: 
 SECTION 4.1. Title. Except for the security interest granted to the Collateral Agent for the benefit of the Secured Parties pursuant
to this Agreement and Permitted Liens, such Pledgor owns and has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own and have rights in each item of Pledged Collateral pledged by it hereunder, free
and clear of any and all Liens or claims of others. In addition, no Liens or claims exist on the Securities Collateral, other than as permitted by Section 7.01 of the Credit Agreement. 
 SECTION 4.2. Validity of Security Interest. The security interest in and Lien on the Pledged Collateral granted to the Collateral
Agent for the benefit of the Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance of the Secured Obligations, and (b) subject to the filings and
other actions described in Schedule 6 to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made) or delivery to the Collateral
Agent, a perfected security interest in all the Pledged Collateral (excluding any foreign intellectual property and U.S. copyright applications and registrations) with respect to which a Lien may be perfected by filing or possession pursuant to UCC
or filings with the United States Patent and Trademark Office, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditor’s rights generally,
general equitable principles and a covenant of good faith and fair dealing. The security interest and Lien granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement in and on the Pledged Collateral will at all
times constitute a perfected, continuing security interest therein, prior to all other Liens on the Pledged Collateral (excluding any foreign intellectual property and U.S. copyright applications and registrations) except for Permitted Liens, with
respect to which a Lien may be perfected by filing or possession pursuant to UCC or filings with the United States Patent and Trademark Office, sub-

  

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ject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditor’s rights generally, general
equitable principles and a covenant of good faith and fair dealing. 
 SECTION 4.3. Defense of Claims. Subject to
Section 6.04 of the Credit Agreement, each Pledgor shall, at its own cost and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Collateral Agent and
the priority thereof against all claims and demands of all persons, at its own cost and expense, at any time claiming any interest therein adverse to the Collateral Agent or any other Secured Party other than Permitted Liens. 
 SECTION 4.4. Other Financing Statements. It has not filed, nor authorized any third party to file, any valid or effective financing
statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Pledged Collateral, except such as have been filed in favor of the
Collateral Agent pursuant to this Agreement or in favor of any holder of a Permitted Lien with respect to such Permitted Lien. No Pledgor shall execute, authorize or permit to be filed in any public office any financing statement (or similar
statement, instrument of registration or public notice under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and covering the
security interests granted by such Pledgor to the holder of the Permitted Liens. 
 SECTION 4.5. Due Authorization and
Issuance. All of the Pledged Securities issued by each Material Domestic Subsidiary existing on the date hereof have been, and to the extent any Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly
authorized, validly issued and fully paid and non-assessable to the extent applicable. There is no amount or other obligation owing by any Pledgor to any issuer of the Pledged Securities issued by any Material Domestic Subsidiary in exchange for or
in connection with the issuance of the Pledged Securities or any Pledgor’s status as a partner or a member of any issuer of the Pledged Securities issued by any Material Domestic Subsidiary. 
 SECTION 4.6. Consents, etc. In the event that the Collateral Agent desires to exercise any remedies, voting or consensual rights or
attorney-in-fact powers set forth in this Agreement as the result of the existence and continuation of an Event of Default and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor,
then, upon the reasonable request of the Collateral Agent, such Pledgor agrees to use its best efforts to assist and aid the Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies,
rights and powers. 
 SECTION 4.7. Insurance. In the event that the proceeds of any insurance claim are paid to any
Pledgor after the Collateral Agent has exercised its right to foreclose after an Event of Default, such Net Cash Proceeds shall be held in trust for the benefit of the Collateral Agent and immediately after receipt thereof shall be paid to the
Collateral Agent for application in accordance with the Credit Agreement. 
  

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 SECTION 4.8. Legal Name; Organizational Structure, etc. Each Pledgor will give the
Collateral Agent at least fifteen (15) days prior written notice (or any shorter period as the Collateral Agent may agree) of any change to its legal name, organizational structure, jurisdiction of formation or its mailing address. Such Pledgor
shall not affect any such change unless it has taken all steps necessary or reasonably required by the Collateral Agent to maintain continued perfection of the Collateral Agent’s security interest in the Pledged Collateral with the same
priority as prior to such change. 
 ARTICLE V 
 CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL 
 SECTION 5.1. Pledge of
Additional Securities Collateral. Each Pledgor shall, upon obtaining any Pledged Securities or Intercompany Notes, accept the same in trust for the benefit of the Collateral Agent and promptly (but in any event within thirty days after receipt
thereof) deliver to the Collateral Agent the certificates and other documents to the extent required to be delivered under Section 3.1 hereof in respect of the additional Pledged Securities or Intercompany Notes which are to be pledged
pursuant to this Agreement, and confirming the attachment of the Lien hereby created on and in respect of such additional Pledged Securities or Intercompany Notes. 
 SECTION 5.2. Voting Rights; Distributions; etc. 
 (a) So long as no Event
of Default shall have occurred and be continuing: 
 (i) Each Pledgor shall be entitled to exercise any and all
voting and other consensual rights and powers pertaining to the Securities Collateral or any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Credit Agreement or any other document evidencing the Secured
Obligations; provided, however, that no Pledgor shall in any event exercise such rights in any manner which could materially and adversely affect the rights and remedies of the Collateral Agent or the other Secured Parties under any
Loan Document. 
 (ii) Each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the
Lien hereof, any and all Distributions, but only if and to the extent made in accordance with the provisions of the Credit Agreement; provided, however, that any and all such Distributions consisting of rights or interests in the form
of securities required to be delivered pursuant to Section 3.1 shall be forthwith delivered to the Collateral Agent to hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of the Collateral
Agent, be segregated from the other property or funds of such Pledgor and be promptly (but in any event within thirty days after receipt thereof) delivered to the Collateral Agent as Pledged Collateral in the same form as so received (with any
necessary endorsement) to the extent required to be delivered pursuant to Section 3.1. 
  

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 (b) So long as no Event of Default shall have occurred and be continuing, the Collateral
Agent shall be deemed without further action or formality to have granted to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and at the sole cost and expense of the
Pledgors, from time to time execute and deliver (or cause to be executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is
entitled to exercise pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof. 
 (c) Upon the occurrence and during the continuance of any Event of Default, after the Collateral Agent shall have given prior notice to the
Borrower that it intends to exercise its rights pursuant to this Section 5.2(c): 
 (i) All rights of each
Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to Section 5.2(a)(i) hereof shall immediately cease, and all such rights shall thereupon become vested in the Collateral
Agent, which shall thereupon have the sole right to exercise such voting and other consensual rights. 
 (ii) All
rights of each Pledgor to receive Distributions which it would otherwise be authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the
Collateral Agent, which shall thereupon have the sole right to receive and hold as Pledged Collateral such Distributions. 
 (d)
Each Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Collateral Agent appropriate instruments as the Collateral Agent may request in order to permit the Collateral Agent to exercise the voting and other
rights which it may be entitled to exercise pursuant to Section 5.2(c)(i) hereof and to receive all Distributions which it may be entitled to receive under Section 5.2(c)(ii) hereof. 
 (e) All Distributions which are received by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof shall be
received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Pledgor and shall immediately be paid over to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary
endorsement). 
 SECTION 5.3. Defaults, etc. Each Pledgor hereby represents and warrants that (i) such Pledgor is
not in default in any material respect in the payment of any portion of any mandatory capital contribution, if any, required to be made under any agreement to which such Pledgor is a party relating to the Pledged Securities pledged by it, and such
Pledgor is not in violation of any other material provisions of any such agreement to which such Pledgor is a party, or otherwise in default or violation thereunder, (ii) no Securities Collateral pledged by such Pledgor is subject to any
defense, offset or counterclaim, nor have any of the foregoing been asserted or alleged against such Pledgor by any person with respect thereto, and (iii) as of the date hereof,

  

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there are no certificates or instruments required to be delivered to the Administrative Agent pursuant to Section 3.1 (other than the certificates representing such Pledged Securities that
have been delivered to the Collateral Agent) which evidence any Pledged Securities of such Pledgor. 
 SECTION 5.4. Certain
Agreements of Pledgors As Issuers and Holders of Equity Interests. 
 (a) In the case of each Pledgor which is an issuer of
Securities Collateral, such Pledgor agrees to be bound by the terms of this Agreement relating to the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it. 
 (b) In the case of each Pledgor which is a partner, shareholder or member, as the case may be, in a partnership, limited liability company
or other entity, such Pledgor hereby consents to the extent required by the applicable Organization Document to the pledge by each other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company
or other entity and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged Securities to the Collateral Agent or its nominee and to the substitution of the Collateral Agent or its nominee as a
substituted partner, shareholder or member in such partnership, limited liability company or other entity with all the rights, powers and duties of a general partner, limited partner, shareholder or member, as the case may be. 
 ARTICLE VI 
 CERTAIN
PROVISIONS CONCERNING INTELLECTUAL 
 PROPERTY COLLATERAL 
 SECTION 6.1. Grant of Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an
Event of Default and after the Collateral Agent has given prior notice to the Borrower that it intends, to exercise rights and remedies under Article IX hereof at such time as the Collateral Agent shall be lawfully entitled to exercise such
rights and remedies, and for no other purpose, each Pledgor hereby grants to the Collateral Agent, an irrevocable, non-exclusive license to use, license or sublicense any of the Intellectual Property Collateral now owned or hereafter acquired by
such Pledgor, wherever the same may be located. Such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout hereof. 
 SECTION 6.2. Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and expense,
(i) promptly following its becoming aware thereof, notify the Collateral Agent of any adverse determination in any proceeding or the institution of any proceeding in any federal, state or local court or administrative body or in the United
States Patent and Trademark Office (other than non-final actions of any Intellectual Property office in connection with the prosecution of an application for registration) regarding any Material Intellectual Property Collateral, regarding such
Pledgor’s right to register such Material

  

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Intellectual Property Collateral or its right to keep and maintain such registration in full force and effect, (ii) maintain all Material Intellectual Property Collateral as presently used
and operated, (iii) not permit to lapse or become abandoned any Material Intellectual Property Collateral, and not settle or compromise any pending or future litigation or administrative proceeding with respect to any such Material Intellectual
Property Collateral, in each case of (ii) and (iii), except as such Pledgor determines in its commercially reasonable business judgment that the maintenance or pursuit of such registration or application is no longer necessary or beneficial to
the conduct of such Pledgor’s business, (iv) upon such Pledgor obtaining knowledge thereof, promptly notify the Collateral Agent in writing of any event which may be reasonably expected to materially and adversely affect the value or
utility of any Material Intellectual Property Collateral or the rights and remedies of the Collateral Agent in relation thereto including a levy or threat of levy or any legal process against any Material Intellectual Property Collateral,
(v) not license any Intellectual Property Collateral other than licenses entered into by such Pledgor in, or incidental to, the ordinary course of business, (vi) diligently keep adequate records regarding all Intellectual Property
Collateral and (vii) furnish to the Collateral Agent from time to time upon the Collateral Agent’s request therefor reasonably detailed statements and amended schedules further identifying and describing the Intellectual Property
Collateral and such other materials evidencing or reports pertaining to any Intellectual Property Collateral as the Collateral Agent may from time to time request. 
 SECTION 6.3. After-Acquired Property. If any Pledgor shall at any time after the date hereof (i) obtain any rights to any additional Intellectual Property Collateral registered with or for
which it has applied for registration with the United States Patent and Trademark Office or (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension thereof, including any reissue,
division, continuation, or continuation-in-part of any such Intellectual Property Collateral, or any improvement on any such Intellectual Property Collateral, or if any intent-to-use trademark application is no longer subject to clause (c) of
the definition of Excluded Property, the provisions hereof shall automatically apply thereto and any such item enumerated in the preceding clause (i) or (ii) shall automatically constitute Intellectual Property Collateral as if such would
have constituted Intellectual Property Collateral at the time of execution hereof and be subject to the Lien and security interest created by this Agreement without further action by any party. Each Pledgor shall promptly provide to the Collateral
Agent written notice of any of the foregoing and confirm the attachment of the Lien and security interest created by this Agreement to any rights described in clauses (i) and (ii) above by execution of an instrument in form reasonably
acceptable to the Collateral Agent and the filing of any instruments or statements as shall be reasonably necessary to create, preserve, protect or perfect the Collateral Agent’s security interest in such Intellectual Property Collateral
(excluding any filings with the U.S. Copyright Office). Further, each Pledgor authorizes the Collateral Agent, upon notice to such Pledgor, to modify this Agreement by amending Schedules 10(a) and 10(b) to the Perfection Certificate to
include any Intellectual Property Collateral of such Pledgor acquired or arising after the date hereof. 
 SECTION 6.4.
Litigation. Unless there shall occur and be continuing any Event of Default, each Pledgor shall have the right to commence and prosecute in its own name,

  

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as the party in interest, for its own benefit and at the sole cost and expense of the Pledgors, such applications for protection of the Intellectual Property Collateral and suits, proceedings or
other actions to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value or other damage as are necessary to protect the Intellectual Property Collateral. Upon the occurrence and during the continuance of any
Event of Default, the Collateral Agent shall have the right but shall in no way be obligated to file applications for protection of the Intellectual Property Collateral and/or bring suit in the name of any Pledgor, the Collateral Agent or the
Secured Parties to enforce the Intellectual Property Collateral and any license thereunder. In the event of such suit, each Pledgor shall, at the reasonable request of the Collateral Agent, do any and all lawful acts and execute any and all
documents requested by the Collateral Agent in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for all reasonable costs and expenses incurred by the Collateral Agent in the exercise of its rights
under this Section 6.4 in accordance with Section 10.04 of the Credit Agreement. In the event that the Collateral Agent shall elect not to bring suit to enforce the Intellectual Property Collateral, each Pledgor agrees, at
the reasonable request of the Collateral Agent, to take all commercially reasonable actions necessary, whether by suit, proceeding or other action, to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value of or
other damage to any of the Intellectual Property Collateral by any person. 
 ARTICLE VII 
 SECTION 7.1. Modification of Terms, etc. No Pledgor shall rescind or cancel any obligations evidenced by any Receivable or modify any
term thereof or make any adjustment with respect thereto except in the ordinary course of business consistent with prudent business practice, or extend or renew any such obligations except in the ordinary course of business consistent with prudent
business practice or compromise or settle any dispute, claim, suit or legal proceeding relating thereto or sell any Receivable or interest therein except in the ordinary course of business consistent with prudent business practice without the prior
written consent of the Collateral Agent. 
 ARTICLE VIII 
 TRANSFERS 
 SECTION 8.1. Transfers of Pledged
Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of any of the Pledged Collateral pledged by it hereunder except as expressly permitted by the Credit Agreement. 
  

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 ARTICLE IX 
 REMEDIES 
 SECTION 9.1. Remedies. Upon the occurrence and during the
continuance of any Event of Default, after the Collateral Agent has given prior notice to the Borrower, the Collateral Agent may from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided
for herein or otherwise available to it, the following remedies: 
 (i) Personally, or by agents or attorneys,
immediately take possession of the Pledged Collateral or any part thereof, from any Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any
Pledgor’s premises where any of the Pledged Collateral is located, remove such Pledged Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection
with such removal and possession any and all services, supplies, aids and other facilities of any Pledgor; 
 (ii) Demand, sue for, collect or receive any money or property at any time payable or receivable in respect of the Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation
constituting part of the Pledged Collateral to make any payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the
time for payment and make other modifications with respect thereto; provided, however, that in the event that any such payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor
shall segregate all amounts received pursuant thereto in trust for the benefit of the Collateral Agent and shall promptly (but in no event later than three (3) Business Days after receipt thereof) pay such amounts to the Collateral Agent;

 (iii) Sell, assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign,
grant a license to use or otherwise liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment, license or liquidation; 
 (iv) Take possession of the Pledged Collateral or any part thereof, by directing any Pledgor in writing to deliver the same
to the Collateral Agent at any place or places so designated by the Collateral Agent, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to the place or places designated by the Collateral Agent and
therewith delivered to the Collateral Agent, (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent and (C) while the Pledged Collateral shall
be so stored and kept, provide such security and maintenance services as shall be necessary to

  

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protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to deliver the Pledged Collateral as contemplated in this Section 9.1(iv) is of
the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by any Pledgor of such obligation; 
 (v) Withdraw all moneys, instruments, securities and other property in any bank, financial securities, deposit or other
account of any Pledgor constituting Pledged Collateral for application to the Secured Obligations as provided in Article X hereof; 
 (vi) Retain and apply the Distributions to the Secured Obligations as provided in Article X hereof; 
 (vii) Exercise any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of
and exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and 
 (viii) Exercise all the rights and remedies of a secured party on default under the UCC, and the Collateral Agent may also in its sole discretion, subject to the mandatory requirements of applicable law and the notice requirements described
below in Section 9.2 hereof, sell, assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Collateral
Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable. The Collateral Agent or any other Secured Party or any of
their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral or any part thereof at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price
for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations owed to such person as a credit on account of the purchase price of the Pledged Collateral or any part thereof
payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold, assigned or licensed absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby
waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Collateral Agent shall not
be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives, to the fullest extent permitted by law, any claims against the Collateral Agent arising by reason of the
fact that the price at which the Pledged Collateral or any part thereof may have been sold, assigned or licensed at such a private sale was less than the price which might have been obtained at a

  

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public sale, even if the Collateral Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree. 
 SECTION 9.2. Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent notice of sale or other disposition of the
Pledged Collateral or any part thereof shall be required by law, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or other intended disposition is to take
place shall be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any right to notification of sale or
other intended disposition. 
 SECTION 9.3. Waiver of Notice and Claims. Each Pledgor hereby waives, to the fullest
extent permitted by applicable law, notice or judicial hearing in connection with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of the Pledged Collateral or any part thereof, including any and all prior
notice and hearing for any prejudgment remedy or remedies and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law: (i) all damages
occasioned by such taking of possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder and (iii) all rights of
redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any applicable law. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to this Article IX in the
absence of gross negligence or willful misconduct on the part of the Collateral Agent. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged Collateral shall operate to divest all right, title, interest, claim
and demand, either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and against any and all persons claiming or attempting to claim the Pledged Collateral
so sold, optioned or realized upon, or any part thereof, from, through or under such Pledgor. 
 SECTION 9.4. Certain Sales
of Pledged Collateral. 
 (a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law, rules,
regulations or orders of any Governmental Authority, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Governmental Authority.
Each Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such
restricted sale shall be deemed to have been made in a commercially reasonable manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to engage in public sales. 
 (b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act, and applicable state securities laws,
the Collateral Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral and Investment Property, to limit purchasers to persons who will agree, among other things, to acquire such Se-

  

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curities Collateral or Investment Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales
may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act), and,
notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay
the sale of any Securities Collateral or Investment Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities
laws, even if such issuer would agree to do so. 
 (c) Notwithstanding the foregoing, each Pledgor shall, upon the occurrence
and during the continuance of any Event of Default, at the reasonable request of the Collateral Agent, for the benefit of the Collateral Agent, cause any registration, qualification under or compliance with any Federal or state securities law or
laws to be effected with respect to all or any part of the Securities Collateral as soon as practicable and at the sole cost and expense of the Pledgors. Each Pledgor will use its commercially reasonable efforts to cause such registration to be
effected (and be kept effective) and will use its commercially reasonable efforts to cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and distribution of
such Securities Collateral including registration under the Securities Act (or any similar statute then in effect), appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with all other
requirements of any Governmental Authority. Each Pledgor shall use its commercially reasonable efforts to cause the Collateral Agent to be kept advised in writing as to the progress of each such registration, qualification or compliance and as to
the completion thereof, shall furnish to the Collateral Agent such number of prospectuses, offering circulars or other documents incident thereto as the Collateral Agent from time to time may request, and shall indemnify and shall cause the issuer
of the Securities Collateral to indemnify the Collateral Agent and all others participating in the distribution of such Securities Collateral against all claims, losses, damages and liabilities caused by any untrue statement (or alleged untrue
statement) of a material fact contained therein (or in any related registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or the like) a
material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (d) If the Collateral
Agent determines to exercise its right to sell any or all of the Securities Collateral or Investment Property, upon written request, the applicable Pledgor shall from time to time furnish to the Collateral Agent all such information as the
Collateral Agent may request in order to determine the number of securities included in the Securities Collateral or Investment Property which may be sold by the Collateral Agent as exempt transactions under the Securities Act and the rules of the
Securities and Exchange Commission thereunder, as the same are from time to time in effect. 
  

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 (e) Each Pledgor further agrees that a breach of any of the covenants contained in this
Section 9.4 will cause irreparable injury to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that
each and every covenant contained in this Section 9.4 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such
covenants except for a defense that no Event of Default has occurred and is continuing. 
 SECTION 9.5. No Waiver; Cumulative
Remedies. 
 (a) No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no
delay on the part of the Collateral Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or
further exercise thereof or the exercise of any other right, power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein
provided are cumulative and are not exclusive of any rights or remedies provided by law or otherwise available. 
 (b) In the
event that the Collateral Agent shall have instituted any proceeding to enforce any right, power, privilege or remedy under this Agreement or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been
discontinued or abandoned for any reason or shall have been determined adversely to the Collateral Agent, then and in every such case, the Pledgors, the Collateral Agent and each other Secured Party shall be restored to their respective former
positions and rights hereunder with respect to the Pledged Collateral, and all rights, remedies, privileges and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 
 SECTION 9.6. Certain Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be
continuing, upon the written demand of the Collateral Agent, each Pledgor shall execute and deliver to the Collateral Agent an assignment or assignments of the registered Patents and Trademarks and such other documents as are necessary or
appropriate to carry out the intent and purposes hereof. Within five (5) Business Days of written notice thereafter from the Collateral Agent, each Pledgor shall make available to the Collateral Agent, to the extent within such Pledgor’s
power and authority, such personnel in such Pledgor’s employ on the date of the Event of Default as the Collateral Agent may reasonably designate to permit such Pledgor to continue, directly or indirectly, to produce, advertise and sell the
products and services sold by such Pledgor under the registered Patents, Trademarks and/or Copyrights, and such persons shall be available to perform their prior functions on the Collateral Agent’s behalf. 
  

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 ARTICLE X 
 APPLICATION OF PROCEEDS 
 SECTION 10.1. Application of Proceeds. The
proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Pledged Collateral pursuant to the exercise by the Collateral Agent of its remedies shall be applied, together with
any other sums then held by the Collateral Agent pursuant to this Agreement, in accordance with the Credit Agreement. 
 ARTICLE
XI 
 MISCELLANEOUS 
 SECTION 11.1. Concerning Collateral Agent. 
 (a) The Collateral Agent has
been appointed as collateral agent pursuant to the Credit Agreement. The actions of the Collateral Agent hereunder are subject to the provisions of the Credit Agreement. The Collateral Agent shall have the right hereunder to make demands, to give
notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including the release or substitution of the Pledged Collateral), in accordance with this Agreement and the Credit Agreement. The Collateral Agent
may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may resign and a successor Collateral
Agent may be appointed in the manner provided in the Credit Agreement. Upon the acceptance of any appointment as the Collateral Agent by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with
all the rights, powers, privileges and duties of the retiring Collateral Agent under this Agreement, and the retiring Collateral Agent shall thereupon be discharged from its duties and obligations under this Agreement. After any retiring Collateral
Agent’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Collateral Agent. 
 (b) The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its
possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual capacity, accords its own property consisting of similar instruments or interests, it being understood that
neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Securities
Collateral, whether or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against any person with respect to any Pledged Collateral.

  

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 (c) The Collateral Agent shall be entitled to rely upon any written notice, statement,
certificate, order or other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to this Agreement and its duties
hereunder, upon advice of counsel selected by it. 
 (d) If any item of Pledged Collateral also constitutes collateral granted
to the Collateral Agent under any other deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security
agreement, pledge or instrument of any type in respect of such collateral, the Collateral Agent, in its sole discretion, shall select which provision or provisions shall control. 
 (e) The Collateral Agent may rely on advice of counsel as to whether any or all UCC financing statements of the Pledgors need to be amended
as a result of any change (i) in any Loan Party’s legal name, (ii) in the location of any Loan Party’s chief executive office, (iii) in any Loan Party’s identity or organizational structure, (iv) in any Loan
Party’s Federal taxpayer identification number or organizational identification number, if any, or (v) in any Loan Party’s jurisdiction of organization. If any Pledgor fails to provide information to the Collateral Agent about such
changes on a timely basis, the Collateral Agent shall not be liable or responsible to any party for any failure to maintain a perfected security interest in such Pledgor’s property constituting Pledged Collateral, for which the Collateral Agent
needed to have information relating to such changes. The Collateral Agent shall have no duty to inquire about such changes if any Pledgor does not inform the Collateral Agent of such changes, the parties acknowledging and agreeing that it would not
be feasible or practical for the Collateral Agent to search for information on such changes if such information is not provided by any Pledgor. 
 SECTION 11.2. Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any covenants contained in this Agreement (including such
Pledgor’s covenants to (i) pay and discharge any taxes, assessments and special assessments, levies, fees and governmental charges imposed upon or assessed against, and landlords’, carriers’, mechanics’, workmen’s,
repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising by operation of law against, all or any portion of the Pledged Collateral (other than constituting Permitted Liens),
(ii) make repairs, (iii) discharge Liens or (iv) pay or perform any obligations of such Pledgor under any Pledged Collateral) or if any representation or warranty on the part of any Pledgor contained herein shall be breached, the
Collateral Agent may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however, that the Collateral Agent shall in no event be bound to
inquire into the validity of any tax, Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with the provisions of the Credit Agreement. Any
and all amounts so expended by the Collateral Agent shall be paid by the Pledgors in accordance with the provisions of Section 10.04 of the Credit Agreement. Neither the provisions of this Section 11.2 nor any action taken by
the Collateral Agent pursuant to the provisions of this Section 11.2 shall prevent any such failure to observe any covenant contained

  

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in this Agreement nor any breach of representation or warranty from constituting an Event of Default. Each Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with full power and
authority in the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time in the Collateral Agent’s discretion to take any action and to execute any instrument consistent with the terms of the Credit
Agreement, this Agreement and the other Security Documents which the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof (but the Collateral Agent shall not be obligated to and shall have no liability to such Pledgor
or any third party for failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that such
attorney shall lawfully do or cause to be done by virtue hereof. 
 SECTION 11.3. Continuing Security Interest;
Assignment. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies
of the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other Secured Parties and each of their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall have any
interest herein or any right or benefit with respect hereto. Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other
person, and such other person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Credit Agreement and, in the case of a Secured Party
that is a party to a Secured Hedge Agreement or a Secured Cash Management Agreement, such Secured Hedge Agreement or Secured Cash Management Agreement, as applicable. Each of the Pledgors agrees that its obligations hereunder and the security
interest created hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or must otherwise be restored by the Secured Party
upon the bankruptcy or reorganization of any Pledgor or otherwise. 
 SECTION 11.4. Termination; Release. 
 (a) When all the Secured Obligations (other than Secured Obligations under or in respect of Secured Hedge Agreements or Secured Cash
Management Agreements or obligations in respect of indemnities or expense reimbursement obligations for which no amount is claimed owing at the time) have been paid in full and the Commitments of the Lenders to make any Loan or to issue any Letter
of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall terminate without
delivery of any instrument or performance of any act by any party. Upon termination of this Agreement the Pledged Collateral shall be released from the Lien of this Agreement and all rights to the Pledged Collateral shall revert to the Pledgors.
Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and
deliver to Pledgor, against receipt and without recourse to or war-

  

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ranty by the Collateral Agent except as to the fact that the Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the
case of a release) as may be in possession of the Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including
UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be. 
 (b) If any of the Collateral shall be sold, transferred or otherwise disposed of by any Pledgor in a transaction permitted by the Credit Agreement (other than any such sale, transfer or other disposition
to another Pledgor), such Collateral shall be automatically released from the Liens created hereby. The Administrative Agent, at the request and sole expense of such Pledgor, shall execute and deliver to such Pledgor all releases or other documents
reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. If a Subsidiary Guarantor ceases to be a wholly-owned Domestic Subsidiary or a Material Subsidiary of the Borrower in a transaction permitted by the
Credit Agreement it shall be automatically released from its obligations hereunder; provided that the Borrower shall have delivered to the Administrative Agent, at least five Business Days (or shorter notice if acceptable to the
Administrative Agent) prior to the date of the proposed release, a written notice identifying the relevant Subsidiary Guarantor together with a certification by the Borrower stating that such transaction is in compliance with the Credit Agreement
and the other Loan Documents. 
 SECTION 11.5. Modification in Writing. No amendment, modification, supplement,
termination or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with the terms of the Credit Agreement and unless in writing and signed by the
Collateral Agent. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure by any Pledgor from the terms of any provision hereof in each case shall be effective only
in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document evidencing the Secured Obligations, no notice to or demand on any Pledgor in any case
shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances. 
 SECTION 11.6.
Notices. Unless otherwise provided herein or in the Credit Agreement, any notice or other communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Credit Agreement, as to any
Pledgor, addressed to it at the address of the Borrower set forth in the Credit Agreement and as to the Collateral Agent, addressed to it at the address set forth in the Credit Agreement, or in each case at such other address as shall be designated
by such party in a written notice to the other party complying as to delivery with the terms of this Section 11.6. 
 SECTION 11.7. Governing Law, Consent to Jurisdiction and Service of Process; Waiver of Jury Trial. Sections 10.14 and 10.15 of the Credit Agreement are incorporated herein, mutatis mutandis, as if a part
hereof. 
  

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 SECTION 11.8. Severability of Provisions. Any provision hereof which is invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting the validity, legality or
enforceability of such provision in any other jurisdiction. 
 SECTION 11.9. Execution in Counterparts. This Agreement
and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but
all such counterparts together shall constitute one and the same agreement. 
 SECTION 11.10. Business Days. In the event
any time period or any date provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein
may be made on such Business Day, with the same force and effect as if made on such other day. 
 SECTION 11.11. No Credit
for Payment of Taxes or Imposition. Such Pledgor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Credit Agreement, and such Pledgor shall not be entitled to any credit against any other
sums which may become payable under the terms thereof or hereof, by reason of the payment of any Tax on the Pledged Collateral or any part thereof. 
 SECTION 11.12. No Claims Against Collateral Agent. Nothing contained in this Agreement shall constitute any consent or request by the Collateral Agent, express or implied, for the performance of
any labor or services or the furnishing of any materials or other property in respect of the Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the performance of any labor or
services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Collateral Agent in respect thereof or any claim that any Lien based on the performance of such labor or services or
the furnishing of any such materials or other property is prior to the Lien hereof. 
 SECTION 11.13. No Release. Nothing
set forth in this Agreement or any other Loan Document, nor the exercise by the Collateral Agent of any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such
Pledgor’s part to be performed or observed under or in respect of any of the Pledged Collateral or from any liability to any person under or in respect of any of the Pledged Collateral or shall impose any obligation on the Collateral Agent or
any other Secured Party to perform or observe any such term, covenant, condition or agreement on such Pledgor’s part to be so performed or observed or shall impose any liability on the Collateral Agent or any other Secured Party for any act or
omission on the part of such Pledgor relating thereto or for any breach of any representation or warranty on the part of such Pledgor contained in this Agreement, the Credit Agreement or the other Loan Documents, or under or in respect of the
Pledged Collateral

  

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or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under
any contracts, agreements and other documents included in the Pledged Collateral by reason of this Agreement, nor shall the Collateral Agent or any other Secured Party be obligated to perform any of the obligations or duties of any Pledgor
thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Pledged Collateral hereunder. The obligations of each Pledgor contained in this Section 11.13 shall survive the
termination hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Credit Agreement and the other Loan Documents. 
 SECTION 11.14. Obligations Absolute. All obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of: 
 (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any other
Pledgor; 
 (ii) any lack of validity or enforceability of the Credit Agreement, any Secured Hedge Agreement, any
Secured Cash Management Agreement or any other Loan Document, or any other agreement or instrument relating thereto; 
 (iii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any Secured Hedge
Agreement, Secured Cash Management Agreement or any other Loan Document or any other agreement or instrument relating thereto; 
 (iv) any pledge, exchange, release or non-perfection of any other collateral, or any release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Secured
Obligations; 
 (v) any exercise, non-exercise or waiver of any right, remedy, power or privilege under or in
respect hereof, the Credit Agreement, any Secured Hedge Agreement, any Secured Cash Management Agreement or any other Loan Document except as specifically set forth in a waiver granted pursuant to the provisions of Section 11.5 hereof;
or 
 (vi) any other circumstances which might otherwise constitute a defense available to, or a discharge of,
any Pledgor (other than defense of payment in full). 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 
  

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 IN WITNESS WHEREOF, each Pledgor and the Collateral Agent have caused this Agreement to be
duly executed and delivered by their duly authorized officers as of the date first above written. 
  

			
	AOL INC.,
	as Pledgor
		
	By:	 	/s/ Arthur Minson
		 	Name: Arthur Minson
		 	Title:   Executive Vice President and Chief Financial Officer
	
	 ADTECH US, INC.
 ADVERTISING.COM LLC
 AOL ADVERTISING INC.
 AOL CHINA HOLDINGS LLC
 AOL COMMUNITY, INC.
 BEBO, INC.
 COMPUSERVE INTERACTIVE SERVICES, INC.

 DIGITAL MARKETING SERVICES, INC.
 GOING, INC.
 GOOWY MEDIA INC.
 ICQ LLC
 LIGHTNINGCAST LLC
 MAPQUEST PA, INC.
 MAPQUEST, INC.
 NETSCAPE COMMUNICATIONS CORPORATION
 NULLSOFT, INC.
 PATCH MEDIA CORPORATION
 POSTGORILLA INC.
 QUIGO TECHNOLOGIES LLC
 SOCIALTHING, INC.

SPHERE SOURCE, INC.
 SPINNER NETWORKS
INCORPORATED
 TACODA LLC
 THE RELEGENCE
CORPORATION
 THIRD SCREEN MEDIA LLC
 TOTEKASCHE HOLDINGS, INC.
 TRUVEO, INC.
 USERPLANE TECHNOLOGY, LLC
 WEBLOGS INC. LLC
 YEDDA, INC.,

	as Pledgor
		
	By:	 	/s/ Arthur Minson
		 	Name: Arthur Minson
		 	Title:   Treasurer


  

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	BANK OF AMERICA, N.A.,
	as Collateral Agent
		
	By:	 	/s/ Antonikia Thomas
		 	Name: Antonikia Thomas
		 	Title:   Assistant Vice President


  

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 EXHIBIT 1 
 [Form of] 
 JOINDER AGREEMENT 
 [Name of New Pledgor] 
 [Address of New Pledgor] 
  

			
	[Date]	 	
	  	 	 
	  	 	 
	  	 	 
	  	 	 

 Ladies and Gentlemen: 
 Reference is made to the Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement;” capitalized terms used but
not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of December 9, 2009, made by AOL INC., a Delaware corporation (the “Borrower”), the Subsidiary Guarantors party
thereto and BANK OF AMERICA, N.A., as collateral agent (in such capacity and together with any successors in such capacity, the “Collateral Agent”). 
 This Joinder Agreement supplements the Security Agreement and is delivered by the undersigned,
[                    ] (the “New Pledgor”), pursuant to Section 3.4 of the Security Agreement. The New Pledgor hereby
agrees to be bound as a Subsidiary Guarantor and as a Pledgor party to the Security Agreement by all of the terms, covenants and conditions set forth in the Security Agreement to the same extent that it would have been bound if it had been a
signatory to the Security Agreement on the date of the Security Agreement. The New Pledgor also hereby agrees to be bound as a party by all of the terms, covenants and conditions applicable to it set forth in Articles VI and VII of the
Credit Agreement to the same extent that it would have been bound if it had been a signatory to the Credit Agreement on the execution date of the Credit Agreement. Without limiting the generality of the foregoing, the New Pledgor hereby grants and
pledges to the Collateral Agent, as collateral security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and security interest in, all
of its right, title and interest in, to and under the Pledged Collateral and expressly assumes all obligations and liabilities of a Subsidiary Guarantor and Pledgor thereunder. The New Pledgor hereby makes each of the representations and warranties
and agrees to each of the covenants applicable to the Pledgors contained in the Security Agreement and Article V of the Credit Agreement. 







 Annexed hereto are supplements to each of the schedules to the Security Agreement and the
Credit Agreement, as applicable, with respect to the New Pledgor. Such supplements shall be deemed to be part of the Security Agreement or the Credit Agreement, as applicable. 
 This Joinder Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 
 THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

  

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 IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	[NEW PLEDGOR]
		
	By:	 	 
		 	Name:
		 	Title:


  

			
	AGREED TO AND ACCEPTED:
	
	BANK OF AMERICA, N.A.
	as Collateral Agent
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 [Schedules to be attached] 
  

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 EXHIBIT 2 
 [Form of] 
 Patent Security Agreement 
 Patent Security Agreement, dated as of [            ], by
[            ] and [            ] (individually, a “Pledgor”, and, collectively, the
“Pledgors”), in favor of BANK OF AMERICA, N.A., in its capacity as collateral agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 
 W I T N
E S S E T H: 
 WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Patent Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the
Secured Parties, to enter into the Credit Agreement, the Pledgors hereby agree with the Collateral Agent as follows: 
 SECTION
1. Defined Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION 2. Grant of Security Interest in Patent Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the
benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Pledged Collateral of such Pledgor: 
 (a) U.S. Patents of such Pledgor listed on Schedule I1 attached hereto; and 
 (b) all Proceeds of any and all of the foregoing (other than Excluded Property). 
 SECTION 3. Security Agreement. This Patent Security Agreement has been executed and delivered by the Pledgor for the purpose of
recording the grant of security interest herein with the United States Patent and Trademark Office. The security interest granted pursuant to this Patent Security Agreement is granted in conjunction with the security interest granted to the
Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security inter-

  

  

	1	 Should include same U.S. Patents listed on Schedule 10(a) of the Perfection Certificate. 










 
est in the Patents made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.
In the event that any provision of this Patent Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 
 SECTION 4. Termination. Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the Collateral
Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Patents under this Patent Security Agreement. 

SECTION 5. Counterparts. This Patent Security Agreement may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts. 
 SECTION 6. Governing Law. This Patent Security Agreement and the transactions contemplated hereby, and all disputes between the parties under or relating to this Patent Security Agreement or the
facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws (including statutes of limitation) of the State of New York, without regard to conflicts of law
principles that would require the application of the laws of another jurisdiction. 
 [signature page follows] 
  

 -2- 








 IN WITNESS WHEREOF, each Pledgor has caused
this Patent Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	[PLEDGORS]
		
	By:	 	 
		 	Name:
		 	Title:


  

			
	Accepted and Agreed:
	
	BANK OF AMERICA, N.A.,
	as Collateral Agent
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

 -3- 








 SCHEDULE I 
 to 
 PATENT SECURITY AGREEMENT 
 PATENT REGISTRATIONS AND PATENT APPLICATIONS 
 Patent Registrations: 
  

					
	 OWNER
	  	 REGISTRATION
NUMBER
	  	 NAME

		  		  	

 Patent Applications: 
  

					
	 OWNER
	  	 APPLICATION
NUMBER
	  	 NAME

		  		  	










 EXHIBIT 3 
 [Form of] 
 Trademark Security Agreement 
 Trademark Security Agreement, dated as of [            ], by
[                    ] and
[                    ] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in favor of BANK OF AMERICA,
N.A., in its capacity as collateral agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 
 W I T N E S
S E T H: 
 WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Trademark Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the Credit Agreement, the Pledgors
hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined herein, terms
defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION 2.
Grant of Security Interest in Trademark Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to
and under all the following Pledged Collateral of such Pledgor, provided that any intent-to-use trademark application is excluded solely to the extent and for so long as creation by a Pledgor of a security interest therein would result in the
loss by such Pledgor of any material rights therein: 
 (a) U.S. Trademarks of such Pledgor
listed on Schedule I2 attached hereto; 
 (b) all Goodwill associated with such Trademarks; and 
 (c) all Proceeds of any and all of the foregoing (other than Excluded Property). 
 SECTION 3. Security Agreement. This Trademark Security Agreement has been executed and delivered by the Pledgor for the purpose of
recording the grant of security in-

  

  

	2	 Should include same U.S. Trademarks listed on Schedule 10(a) of the Perfection Certificate. 










 
terest herein with the United States Patent and Trademark Office. The security interest granted pursuant to this Trademark Security Agreement is granted in conjunction with the security interest
granted to the Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in the Trademarks made and granted hereby are
more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Trademark Security Agreement is deemed to conflict with the
Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 
 SECTION 4. Termination. Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the Collateral Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in
recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Trademarks under this Trademark Security Agreement. 
 SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute
this Trademark Security Agreement by signing and delivering one or more counterparts. 
 SECTION 6. Governing Law. This
Trademark Security Agreement and the transactions contemplated hereby, and all disputes between the parties under or relating to this Trademark Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or
otherwise, shall be construed in accordance with and governed by the laws (including statutes of limitation) of the State of New York, without regard to conflicts of law principles that would require the application of the laws of another
jurisdiction. 
 [signature page follows] 
  

 -2- 








 IN WITNESS WHEREOF, each Pledgor has caused
this Trademark Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	[PLEDGORS]
		
	By:	 	 
		 	Name:
		 	Title:


  

			
	Accepted and Agreed:
	
	BANK OF AMERICA, N.A.,
	as Collateral Agent
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

 -3- 








 SCHEDULE I 
 to 
 TRADEMARK SECURITY AGREEMENT 
 TRADEMARK REGISTRATIONS AND TRADEMARK APPLICATIONS 
 Trademark Registrations: 
  

					
	 Owner
	  	 Registration
Number
	  	 Title

		  		  	

 Trademark Applications: 
  

					
	 Owner
	  	Application
Number	  	Title